LMNR - Earnings call transcript Q1 2020

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Operator

Greetings and welcome to the Limoneira First Quarter 2020 Earnings Conference Call. At this time all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. [Operator Instructions] As a reminder, this conference is being recorded.

It is now my pleasure to introduce your host John Mills of ICR. sir. you, Thank

begin. You may

John Mills

everyone, Limoneira’s and joining afternoon, you thank quarter fiscal for first call. us year Good for XXXX conference

call have approximately Eastern earnings access release, Edwards, X:XX Harold the first and p.m. Financial today went year Chief to By the XXXX fiscal Officer. should Officer; Chief Mark out President everyone time. now, which quarter Executive Palamountain, On and are today at

to the If Investor view website had you've chance the the call of a available be available This and Relations it's limoneira.com. website on portion webcast the a company's will release, at on being Limoneira's not is well. as replay

response Before number or contain we and additional management to remind or release. we many in Such differ events to cause otherwise. unknown by like as undertake new and as control make could or forward-looking cause Important your with involve company's the and whether SEC filed such statements statements. earnings everyone or mentioned to to risk, and those contribute in and that of known in law, questions. factors and other herein forward-looking from future a XX-Qs statements no by update risks would significantly which we prepared XX-Ks differences the the expressed that Except required obligation statements forward-looking of the any may achievements remarks are the outside implied statements a details such information, results, company's or of begin, forward-looking performance its achievements performance to future could uncertainties, results, included or result

of can on we measures, particularly financial and when underlying period. adjusted basis. call, an from adjusted understanding complete ongoing today's will results comparing be We more a during these results to results Limoneira's financial that of believe greater period facilitate operations, analysis discussing including note non-GAAP Please measures

company's reconciliation earnings to measures as is we been included of GAAP EBITDA, has an basis. a release, prepared our today's financial is website. adjusted release that A items the to which remarks, provided most directly Also comparable posted and are the and possible included measure. EBITDA as company's press much in adjusted XX-Q have discussed on within in the non-GAAP We details adjusted on any which financial

with to over And my it the is Edwards. CEO, the President pleasure call Mr. that, and to turn company's Harold

Harold Edwards

On detail Thanks, quarter, today's year. I our Mark fiscal will open our that, softest then the provide everyone. call, more brief will the of and your take year in seasonally with outlook John, will which for call a finish good XXXX. and overview results review After up I fiscal the questions. results afternoon quarter financial for the is will the operational of first and we

primarily winds fancy by winds affected ranches pricing As amount year the volume quarter generated due priced California XXXX expected, we lemons reducing our fiscal offset our higher our on quarter in for of to fourth lower the discussed strong higher lemon first sale. call. These Southern

year-over-year. citrus in We an avocados, oranges experienced increase revenue specialty also and

agribusiness. our business I'll with a now segments of of review discuss starting our each full

facing more longer Over international increased capacity. our base, customer years of and and few grocery by and we've positioned and restaurants the leading us have sales efficiencies. consumer to which improved made domestic including and our that marketing This have strategies expanded marketing to expansion on customers store utilizing trade and come has focusing our chains. leveraging growth for expansion channels, packing term past over we is this investments XXX important Paramount growth

to bearing an non-bearing we years. XXXX, acres additional XXXX. bearing but XXXX as by we full importance the lemons, agricultural with to and equal by acres fiscal full to with bearing X,XXX be bearing of estimated full become these four become acres over be XXX remaining to XXX XXXX expansion expect X,XXX are which In XXX our next acres of Of entered agricultural over of planted full acres, currently the approximately

these the acreage acres, by XXX,XXX increase of additional Beyond have two X,XXX XXX believe XX% acreage XXX additional in million next level X.X cartons approximately lemons as we the supply additional will our this and our years domestic plans cartons an productive. planned to Limoneira-owned and of current acres fresh of becomes to lemons cartons from – plant cartons, nonbearing

steady we in grower addition, a third have to fruit. increase expect party In

We minimal citrus quarter specialty pounds were first approximately during As avocados, XXXX of compared we fiscal XXXX. expected, year-over-year. in to pounds XXX,XXX sold all oranges the and up of avocados year

$X.X first year in $XXX,XXX were million XXXX. last fiscal to XXXX year in of revenues and achieved crop year. $X.X million of other period first the quarter XXXX also first the revenue of citrus quarter year the fiscal compared fiscal same to of quarter in in the million $X.X orange We compared Specialty

Group our now estate Turning and at to perform the harvest Limoneira of Lewis happy report real to the of Limoneira for Companies I'm well. development The to partnership development between continues division,

lot fiscal X,XXX years, approximately of the sales six we quarter XX fiscal next to is are additional $XX flow an to representing million expected residential from Initial Limoneira project over units the in first homes. XXXX an XXXX. we at year include and closed addition in the nine projecting harvest recently in which XXX term, cash year Longer

experience Asia orange have During logistics the of chain Southeast are demand negative weeks, significantly. to begun the rest to shipments supply and past export Korea consumer to Japan, and Lemon headwinds we down COVID-XX. from few and

we impact lemons current wrestle constraints a our while and are wanted working to And The to can provide pressure industry. to seeing our and combination only affairs as we current domestically, but oranges causing through near-term behind can summary, as pricing out impacting of oversupply of also we demand. with these on markets, factors make call, longer export In business price. color a going demand, aren't affecting is that is continuing the and little People investments We're the the in which which what challenges these are is our business shipping also discuss on virus. later of in drive in those the on term state experiencing control. markets we growth. also control and those of I'll much ports to guidance

And I'll now call to turn with over the Mark. that

Mark Palamountain

Thank and good everyone. afternoon you, Harold,

results people first discuss quarterly revenue business year-to-year harvest our we seasonal from the January due quarter business, on XXXX, varying financial everyone to I for XX, an view of by ended to annual the our Before therefore basis. our periods want I advise to and that not remind is driven nature

while seasonally Additionally, our first been historically our and are third have fourth quarters and quarters softer second stronger. quarters

compared net $XX of $XX.X first fiscal fiscal net million the year in revenue revenue previous was year. to total total For the first quarter of million the of XXXX, quarter

quarter Agribusiness fiscal fresh quarter $XX.X compared last period revenue Other revenue was the of was relatively in quarter first flat XXXX lemon million the $X.X year. of million to the $XX.X the first operations fresh XXXX. for sales revenue Agribusiness fiscal in during prior first $XX year to XXXX. million compared million the in of compared fiscal year year same million sales year lemon includes $XX.X of at to

by volume result was of the being fresh earlier, of offset partially decrease prices said increase the an lower a in Harold lemons. As

the were year quarter average of is the price at average a year company in the $XXX,XXX first that per It a quarter fresh XXX,XXX on continue sold average lemons of demand $X.XX to XXXX cartons X,XXX,XXX carton summer. year North fiscal year a early first of quarter carton avocado compared first XXXX the fiscal cartons our sold pressure per lemon $XX.XX year picks up pounds revenue per during of revenue to price quarter $XX.XX fiscal sold pricing the during fiscal The pound. at during first X,XXX,XXX summer in approximately American of Approximately XXXX. first recognized avocados and seen XXXX. fresh were XXXX of compared expectation late the quarter fiscal avocado at spring, of of will Approximately minimal the price until

to The sold period Approximately per carton partially company during in year. XXX,XXX the XXXX, $XXX,XXX of XXXX fiscal fiscal at same $X.XX the to million average $X.XX revenue a same first volume were per of price recognized period of to at $X.X compared the higher of fiscal offset first of by fiscal attributable quarter cartons in year XXX,XXX year lower sold year prices. carton, the during quarter the previous XXXX price approximately oranges a compared of average cartons orange

$XXX,XXX oranges purchased XXXX, of for were year fiscal in resale. Additionally,

The citrus price of were citrus. the increase year to and million XXXX. crop fiscal primarily was $X.X of decrease and quarter specialty Specialty revenues other million the a of due $X.X volume in in higher XXXX, year first fiscal quarter to first in compared

first fiscal increased quarter costs year expenses to quarter year. the first Total for in $XX $XX.X fiscal million of last of the XXXX million, compared to and

and packing expenses harvest operating third-party and in with year general in The Costs expenses. sold selling, first attributable administrative to and and and increase procured costs, growing of quarter growers to related fiscal primarily company’s the depreciation costs for increases agribusiness costs the include fruit agribusiness costs, XXXX expense. associated costs, was

$X.X fiscal of first quarter a for loss the XXXX compared year was million loss million, first Operating previous $X the in the quarter to of fiscal year. of

fiscal year Net loss $X.X was the quarter compared applicable fiscal to the diluted fiscal XXXX $X.X first quarter year million million, loss for XXXX per the to year of net preferred share year and and quarter of XXXX. Net a in for $X.XX XXXX. was first of dividends, first loss common $X.XX fiscal stock, after for of

the Community first million million unrealized excludes of for of $X.X stock loss Calavo on to per year quarter Calavo. XXXX to of non-cash Growers quarter Builders adjusted XXXX Excluding was stock the or Lewis net in $X.XX diluted loss in and share, earnings equity year non-cash fiscal common which loss on share, first diluted Limoneira unrealized stock loss in $X.XX compared fiscal of the or per net $X applicable

loss XXXX. million Adjusted the release. of quarter period loss this in of of adjusted the the reconciliation $XXX,XXX income EBITDA a at million provided net same year EBITDA first to A end a fiscal year of of XXXX, to is of $X.X was compared fiscal in

call January Harold, debt compared million at Before to end balance sheet. fiscal on million, back Long-term $XXX.X XX, was XXXX of year of a to comment over the $XXX.X our XXXX. I the hand as

like to Harold call outlook. to to turn XXXX fiscal the back our I’d Now, discuss year

Harold Edwards

Thank you, Mark.

guidance. that no new for certain operations facilitate to We share. EBITDA into in of share our providing those of remove we EBITDA guidance our a providing lemon transparency adjusted earnings believe volume can earnings reminder a analysis greater and items you more and adjusted and fluctuations ongoing are and non-cash story, guidance create per by cartons longer results complete As per

coronavirus As are in updating I on Asian our effect to EBITDA the year adjusted our fiscal full my remarks, mentioned guidance. XXXX due markets, earlier we

of Harvest $XX mark-to-market year $XX from in our of Limoneira, non-cash on for we the EBITDA $XX XXXX to earnings stock at to range fiscal million, million now in the to be Excluding million range and expect in previous equity $XX the Calavo to compared adjusted million.

are addition, in continue lemons X.X expect fresh Included to cartons global sell estimate to million expect X.X to this six revised cartons to to million domestically. sell cartons In five we we million of globally.

call Operator? with to And to I’d like open questions. up that, your the

Operator

you. Thank Instructions] [Operator

question of comes from Please with with proceed first line Our the question. your Anderson Vincent Stifel.

Vincent Anderson

Good afternoon. thanks. Yes,

wanted So, I just to maybe…

Harold Edwards

Hello.

Vincent Anderson

pricing Hi. new the wanted just provide the if coming coming EBITDA, dig realized What Asian there? because, had little I for us markets. mid-point you’re from into old fancy, the any But What’s bit a guidance your just EBITDA more. frame can you additional just XX% of you what I you in don’t of of baking into could at detail to EBITDA, to reduction, Help you’re think and exports? out just of it’s year? the export that kind bridge XX% losing the expected up terms maybe

Harold Edwards

in after. I’ll jump Sure. comments. make some Mark,

dropped we’ve XX%, causing also logistics XX% more what shipments virus impacts and challenging charters seen we due reducing disruption out expanding week one believe to to to weeks. is the from to which two are are basically, and So the export as down from on, demand mostly making normally

fruit it port that or part of least of export percentage in markets. So our typically will lower just Also terms we where year, this fancy mix hits the believe fruit of that’s at what is it. a be product a fancy due to

product of combination the fewer Asia Southeast shipments biggest what on are really So creating are mix and to the – impact price.

the the shipments are reduction shipments Asia of of of domestically the due is so to fancy lower contributors lemon summary simple fruit. pricing, but primary range EBITDA to the Southeast and reduced the in actual And

Mark Palamountain

add And specific I’ll Yes. details. just

a this call selling at $XX.XX Currently, the was So, we were at last into at numbers $XX, our about looking year. March for January, Q, you was as the in – saw price $XX.XX. we’re in

$XX a target looking year. at entire So, for now we’re the cautiously

pricing summer very be is which seen. yet on up of the But some think Now, depends getting we that into low-to-mid to XXs, achievable.

oranges year, oranges. to out is with the that worse. down come pricing adjustment this the navel price the in year thought has enable component worst last be other to looks history and Most recently The we of it

to of domestic the export difference a crowded domestic matching Given and having pricing market. now

So, typically numbers too picked. coming we it’s to tell. total shaved better orange pricing, just simply varieties the We that do a few have XX% of million that garner our because early off are we’re late again but dollars

update And as so other on component said, we that’s we’d oranges, there. the

Vincent Anderson

right, That’s of where today. conservative it flat helpful a line All just little and of from great. we terms drawing maybe a sort feels are in

of in your already kind Mexico imports those in thing. the mid-year, U.S. Spain, from I regions? pricing So, Turkey, to baking terms tracking had wondering early the below you insights if those same in we was summer look what if your are and well year. overseas you’re last imports for then, any of

Mark Palamountain

So, in yet. I Mexico finished December. mean, just lot had they a haven’t

opportunities you maybe markets? can So roughly open And little which on here $XX summer to from FOBs, so. average do Turkey, the in next we weeks looking markets know, on being tree as so price, bit get just good a think still, those South as that we few pushed mentioned, but into starts a Spain have we depending $XX that’s sit America, Argentina just go up, total from demand, shorter, then the are that’s We they in sort thing. anywhere those those on, $XX of general, U.S. and that’s for to depending the how and

and So, of some right risks the lots just also this there’s was be. to we and felt so upside like place

Vincent Anderson

corona, more conferences in we’re obviously the U.S., traffic And here food does Thanks. could getting on to Great. restaurants, slower in that? that any early early COVID And sneak indications and to I too be chatter the more more turning if those it down. for in a just providers. that we’re service the is one seem spots just U.S. seem bookings Or losing hotel canceled, of tell food hot it from food companies? service you seeing Are to buying hearing

Harold Edwards

early this Vince, point. a it’s too little at

still. We normal at are levels shipping

usual people building a feeling We or really a across from good reduction to foods feels in levels. demand hear it’s normal going being demand because category So, at have normal it’s our were shelf more we the was as towards we some really caused But don’t shipments whether business that inventory hearing levels. perspective. in that while the flowing did seeking whole as stability and for it whether that’s at produce fresh stockpiling, of about remained like through still segment frozen there storage purposes. But

we’re wood, domestically. we normal demand so knock So, believe far, shipping still into

Vincent Anderson

right. so All Thanks much.

Harold Edwards

you. Thank

Operator

Thank you.

with Sharma next with the Our of from question Pooran proceed comes Please Stephens. your line question.

Pooran Sharma

afternoon. Hey good guys,

Harold Edwards

Good afternoon.

Mark Palamountain

Good afternoon.

Pooran Sharma

pricing? I that the as have summer the could about demand sense, just for and just global then And weaker, be So, aware visibility once we prices the what but I I summer? been to head you to again just supply wanted you talk your ask the of dynamics type should get spring of we mean, into into have wanted lemon if

Harold Edwards

our domestically issue now into is, shifted harvest the So, the have lemon. biggest as right coastal down

sales now of of impact the the domestic looks And Just catalyst it’s that the start going has of with much second fruit out, price. which of believe pricing, the of way And But isn’t in we pricing reduction the crop more like sometime here which summer begin around And pretty second means on future the But to bodes be a the as May. crowded. lot then the and yellow, there it is well that on that the that first fresh fruit, typically in part year will because pick increasing capability really for the which export the real early tree-ripe to pick negative that good a we’ll off, comes April, late fruit right as size lift fruit. pick. the distribution, the home keeps there’s – of is market, in for having utilization which get there’s played it’s some that’s probably when available. the

Pooran Sharma

avocados you of And the Could Okay. to seeing are your Thank just summer? quick. avocado to it And talk What any wanted real COVID-XX does crop kind you. look like? about I’m for you shift the impacts for specifically over avocados?

Harold Edwards

much mid-point. million Mexican seen somewhere the We’ve been would on crop pleasant which COVID avocados The for very a a impact pounds, smaller. very that that pounds We at have impact our out. no of played create negative we the very, would million to million believe, six avocados. fruit oversupplied was would pricing very and Mexican that, crop been importation We’ve four anticipated surprise has Mexico have between large has is Mexico the it a import. slow to situation, not a heard more have that has five

it So on opportunities longer their some That’s us. created size. for to they’re pricing leaving great get trees

couple And our go we thought. prices at $X.XX. the of seeing XX at we’ve as reported, much about first pounds a hit XXX,XXX $X.XX, for Mark set a than now seen as forward, we’re which we stronger was Where market

hopeful with that So, early up work as July. nature up the will probably that June, year. exceed we we’re by believe the our we’ll plan size And avocados for harvest majority of end we fruit, will of hold to avocados our our the these and optimistic for mother prices or

Pooran Sharma

have Great. Thank today. for all you I guys. That’s

Harold Edwards

Thank you.

Mark Palamountain

Thank you.

Operator

you. Thank

Ben with question. Please question line comes Securities National Corporation. next of Our your Klieve the from with proceed

Ben Klieve

you. me. from All A couple right, thank

how range guidance the if of the here guidance. high can us please? to the domestic low would are again the you and as insight demand regarding how on hit what versus the of guidance domestic side it end the wondering take about of I’m end to the domestic give of any – First you demand kind thinking

Mark Palamountain

So, five we U.S. six have range a million to cartons of million

Right think where enough the it comes in of some of things increase and fruit opportunities mid-XX up, come of we’ve we percentile the it’s part fancy now, call fruit like whether from that utilization. the be some to I possibilities grade that we’re in be, just fruition fruit demand where if But change lesser we isn’t It there will juicing to exports. that, don’t to move any guidance. for or going that all it discussed. is crop to and off is tree do that had is restaurant there, places didn’t still why general our we’ve have to we smooth crop other tree on have opportunities which fall depends be there’s internationally there the

I we’re think, So, middle comfortable in right right the now.

the the We’re at of at trees tree with right tons there’s so be fruit and now we’re but and to on happy them, it’s the window crop. seen, looking

Harold Edwards

year And other when distribution all much might, size that market. of crimped of versus normal the remainder if crop just across really fruit which big, seems the got comment, see one to the I last size that the be the we more

per of FOB size is get selling of range. Mark earlier, great the it performance from then year, what’s it’s get he’s efficiency a growers as which for and the back just our we great And the the our amount So sales. us mid-point the point can $XX cost, what $XX that an year utilization our production. by actually price, we’re own our by outside $XX keeps opportunity forecasting, of sales, to average get or our moving packinghouse. our having indicated the price a if it’s for get normal use down to our can remainder average can fruit we And of and guidance. then to carton now that sort And as we a to distribution then average gives great the that we which call can that to At anticipate get we the

Ben Klieve

Got it.

degree you near-term Any the any impacted? that comments in Okay. of to chaos today outlook plan on the being Thanks. kind would see helpful? your your the comment That’s year? allocation helpful. And you can to on in of the your shifts are is wondering for in of decreases any nature you the capital be of if Are what kind market given kind making, strategy going CapEx

Mark Palamountain

the to what control only back So we can – can we control.

being the projects to looking we’re be really term in can really discuss near, how that a cost down which things So, stretch as to we’ve conservative your down affect of as or become suspended management measures and medium point, CapEx And the first. that done to At along that austerity without are our this team to clamp question, really long just at a out on recently we’re prioritizing just challenged focus the have margins, that and near-term reduction. to on with being and really trying delayed the as in we because average be on real capital revenue can more met pricing. also lot efficient And our slowing on impacts business. we’re any to

are manage So, of trying costs uncertainty. we to CapEx as really we kind take in look a and at harder through rein really this

Ben Klieve

I far elaborate kind recall outlook as Got in on – you as in one a your me. one just swimming just this – you Southern cooperated it. was is the coming year especially I quick fields out precipitation tell months. of you weeks and and time can how year, were conditions last guys how you if in what wondering could If this has Thank just field at bit California. from the last and

Harold Edwards

rainfall We December then average Yes. above had and dry. through it went

dry of which rainfall so, in went it a through And back and and January last been were ahead for the three we situation raining pushed December. shortage days. It into then it's normal February,

It's rainfall. good that it's it – standpoint been kind feeling to that probably our impacted from abilities a – been come my we're necessarily hasn't to the sort going of of to So average out have rainfall is average harvest.

fresh distributions normal of harvesting we're So fruit.

rainfall so this so with point, dealing cold from or be experienced grade, freeze no impacts going feels winds driven it's and normal we impacts winter temperatures. that it's fancy sort the But at a warm of from the by still early negative far, like we're earlier, it to of mostly been less mentioned in year. this As production

Ben Klieve

I'll I'll That's Perfect. queue. with to good back Thanks in hear. And that jump – guys.

Harold Edwards

Thank you.

Mark Palamountain

Thank you.

Operator

Thank you.

Krueger comes question of from the Street question. your next with Lake Our Please with Markets. Capital Chris proceed line

Chris Krueger

good guys. afternoon Hi,

Harold Edwards

Hi, Chris.

Chris Krueger

I go quick just those your of ones. sales countries What the of that affected to are couple have percent by a COVID? Asian

Harold Edwards

first the of the second third fruit, blend should XX%, grade grade if somewhere first have U.S. less or caused average that grade shipments around This are disruption to distribution XX% XX% and first those balance grade but between So to averaging seeing or shipments export for not things: year, Southeast shipments markets, to fruit XX% – trending markets by average grade, demand to from driven to those the fruit, a and typically virus. two get XX%. Asia but those so we fancy which grade, one, normal the average on depending XX% or to us so by about XX% first-grade also are to around we're

Chris Krueger

Limoneira estate be but a question on impact whatever. any wanting far on virus, still weird real out of kind And your might – harvest it. get and to not any as of out or check the lots your Got people as

Harold Edwards

right guest visits we've seen rates guest our activity new since the our a rates now, mortgage at from by since by four to And the because harvest and four five interest at between highest being – It's these low been the Limoneira the historically home we've sold interesting. it's homes that's we The pace builders, the of and builders. believe it's week are at five inception. homes level beginning to year, us, but not averaging sales but somewhere and for of

levels been couple spread since days last with robust. been have the has haven't still the of concern so robust. even visits an the And The the traffic seen about demand And the purchasing of So of robust. been far. greater in the we has impact the virus, of

Chris Krueger

Last on Can question. update give wine you your us an Okay. grapes?

Harold Edwards

little what the somewhere six contracts into about three not about a we've the and bearing of not between for ton. planting order somewhere got assuming XX% I quite – the to specifications the $X,XXX XX% it's contracts say can full have the and is were it's probably that's safe them tons to we with, last produced, true four that it's because a by quite be that to the harvest, produce of will we'll but are us too So acres have think per all early anticipate XXX us provided acre, these to – bearing, full wineries that of on but average we $X,XXX

that's variety. very the basic of there Cabernet the challenges the So side look the – oversupply sort is of positive we The as is remainder just of year it. the an challenge, into the of Sauvignon

to at end of contracts, And so in without those contract, is actually the we're now the harvest be to for final nail we're the market down that the working year. being discussions diligently open said the going to tougher. try which to But XX% we before into get

that a to year the of for same had forward grapes. at looking wine – cautiously to we're we view beginning point, we the guided when this at the So, our

Chris Krueger

All That's right, me. you. it thank for

Harold Edwards

Thanks, Chris.

Mark Palamountain

Great. Thanks, Chris.

Operator

you. Thank

proceed the Vincent line an of Anderson have Please question additional with from We your Stifel. question. with

Vincent Anderson

prices? we progressing I there harvest at and clever out anything of Is one Mark. well things had Or just cash persistent in do a for weakness that maybe those there. any the sell there off are flows to lemon make can if land with some opportunistic for there's thanks. Yes, how With share quick to repurchases?

Mark Palamountain

Good question.

and in I purchases. but broke either flow from heard or of is opportunistic kind out, cash what land harvest stock or purchases You was

XXXX to complete that's flows. coming back for pretty starts out really and to schedule phases, we're of a to the final to relative four of that. always there think the harvest if capital the the week for There's all we're infrastructure once some cash – accordion at – is those at. that's on homes that deployment in looking From look selling two larger opportunity when I set us early that based on

We stock. have Calavo

line. pretty a We robust have

So, looking now, just bit breath deep at market and the a equal in more. really we're – taking or stock and right without a our everything a general decline with

really then reassuring business by the everybody out to is And our assets enhance our just business. intact goal. resources we further can figuring think our use the is I that opportunistically how in first

Vincent Anderson

all. I their apologize this if Thanks. And at answer changes

The kind first securitization bringing harvest through part of them. actually some whether of cash my flows of forward, or question was some to new specific borrowing those line against a

Mark Palamountain

line Yes, have BofA $XX unsecured now the a right both I so between partners. – that's think million with we

are to any that us We capital to have million. $XX that this point further – on into working up At put going contributions to to is it. not moving allow

see year. tutelage And it. that – work $X.X this like we’re space. far to under we million So I don't conservative just group. in is a But we - Lewis such their

And we're are. those where so, point, keep at numbers to this going they

Vincent Anderson

enough. so Fair Thanks much.

Mark Palamountain

Yes.

Operator

appears we Mr. additional to comments. back Edwards I'd the have so floor questions additional like concluding It you. any at for pass to no this Thank time, over

Harold Edwards

you your great Limoneira. and a in for Have day. questions Thank interest

Operator

Ladies participation this lines your thank at gentlemen, conclude we you does teleconference. you Again, and today's may this your time. and for disconnect

Limoneira (LMNR) 11 Mar 202020 Q1 Earnings call transcript